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SEC Filings

T-3
WALTER INVESTMENT MANAGEMENT CORP filed this Form T-3 on 11/06/2017
Entire Document
 


Schedule 1: Facility Pricing, Collateral and Other Terms12, 13

New Forward Origination Facility

 

    

DIP Warehouse

Facility

  

Exit Facility

Advance Rates:    96%    97%
Interest Rate:    Three month LIBOR plus 3.00%14    CS Index15 plus 2.25%14
Facility Sublimit:    N/A; No commitment limits by collateral type
Maximum Dwell Time:    Mortgage loans will be subject to a maximum dwell time of 90 days
Eligible Collateral:   

Eligible Collateral includes originated in compliance with agency guidelines and eligible for delivery to Fannie, Freddie or GNMA

 

Consistent with current financing arrangements, Lenders to provide advances for “wet” fundings with the delivery of full documentation following the closing of the loan

 

12  Except with respect to the New Servicing Advance Facility Agreement during the Exit Facility, the Advance Rate is on lesser of unpaid principal balance, the Lenders’ aggregate Market Value and applicable Borrower’s Market Value.
13 To the extent the CS Index or LIBOR is unavailable, the Alternative Rate shall be used. The Alternative Rate shall be the greater of (a) the Prime Rate in effect on such day, and (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%.
Prime Rate” shall mean the rate of interest per annum determined from time to time by Credit Suisse AG as its prime rate in effect at its principal office in New York City and notified to the Opcos. The prime rate is a rate set by Credit Suisse AG based upon various factors, including Credit Suisse AG’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such rate. Any change in such prime rate announced by Credit Suisse AG shall take effect at the opening of business on the day specified in the public announcement of such change.
Federal Funds Effective Rate” shall mean, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published on the next succeeding business day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a business day, the average (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) of the quotations for the day for such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it.
14  To increase by 2.00% following an Event of Default.
15  CS Index, as determined in the Existing CS Facilities.